Federal Government of Nigeria and the British Government
today Tuesday August 30th signed a Memorandum of
Understanding (MoU) on the modalities for the return of
Nigerian looted assets. The move is a follow up to the
agreement reached at the London anti-corruption summit in
May.
The Attorney-General of the Federation, Mr Abubakar
Malami, who signed on behalf of the Federal Government
in Abuja, noted that the MoU reflected the willingness of
both countries to continue cooperation and mutual support.
He outlined the objectives of the MoU to include the fact
that the processes of returning stolen assets was a
partnership recognising the interest of both countries and
based on mutual understanding, confidence and trust. That
both countries recognised that they have a mutual interest
in ensuring that returned assets are not at risk of being
misappropriated again.
"And that both countries recognised they have obligations
toward their own citizens for providing such assurances.
That both countries recognised the importance of ensuring
that the highest possible standard of transparency and
accountability are applied for the return of assets." Malami
said.
He assured the international community that all funds
recovered would be judiciously utilised for projects that
would benefit poor Nigerians. Leader of the UK delegation,
British Minister of State for Immigration, Robert Goodwill,
said that the MoU provided the mechanism by which monies
could be returned.
"Our ability to recover and return stolen assets should send
a clear message to all who may seek to habour such assets
that there is no safe haven in the U.K," he said. "We are
keen to do this as soon as the necessary legal process
allow. As outlined at the summit, we will be taking steps to
accelerate the procedures for identification and
confiscation of illegally acquired assets."
He said that they were as committed as Nigeria in ensuring
that beneficial ownership of assets was made available to
relevant authorities so they know who the real owners of
assets held in the UK are.
“Forty jurisdictions, including British Overseas Territories
and Crown Dependencies announced that they will
automatically share beneficial ownership information
relating to companies, trusts, foundations, Shell companies
and other relevant entities and legal arrangements. It is
important that everyone can see how returned assets are
used to benefit Nigerians. We have therefore agreed in this
MoU to be fully transparent about this."
Source: The Nation/ Andrew Fleming
